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India’s fiscal deficit target was revised to Rs5.95 trillion in the Union Budget 2018, presented by finance minister Arun Jaitley in Parliament on 1 February. Photo: Abhijit Bhatlekar/Mint
India’s fiscal deficit target was revised to Rs5.95 trillion in the Union Budget 2018, presented by finance minister Arun Jaitley in Parliament on 1 February. Photo: Abhijit Bhatlekar/Mint

Fiscal deficit overshoots full-year revised estimate in January

India's fiscal deficit touched Rs6.77 trillion at the end of January, 113.7% of the target for the entire financial year, on account of higher expenditure

New Delhi: India’s fiscal deficit touched Rs6.77 trillion at the end of January, 113.7% of the target for the entire financial year, on account of higher expenditure.

The fiscal deficit, reflection of government borrowings to meet revenue-expenditure gap, was 113.7% in the 10-month period of 2017-18 as compared to 105.7% in the year-ago period.

Fiscal deficit had been pegged at Rs5.33 trillion, or 3.5% of the GDP, for the current fiscal ending 31 March. The figure was revised to Rs5.95 trillion in the Union Budget 2018, presented by finance minister Arun Jaitley in Parliament on 1 February.

As per data released by the Controller General of Accounts (CGA), the revenue deficit during the April-January period of 2017-18, at Rs4.80 trillion works out to 109.2% of the revised budget estimate.

It was 129.9% in the corresponding period of the last financial year.

Net tax receipts in the first 10 months of 2017-18 fiscal were Rs9.7 trillion. Total receipts from revenue and non-debt capital of the government during the period amount to Rs11.63 trillion or 71.7% of the revised estimate.

The government’s revenue expenditure during the current fiscal till January came in at 5.75 trillio, 81% of the full-year revised estimate. The capital expenditure was 2.64 trillion, or 96.9% of the full-year revised estimate. The total expenditure was 8.39 trillion,83% of the government’s full-year estimate of 2.17 trillion.

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